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ETF approval drives Bitcoin towards all-time high at $65K – Crypto Weekly Roundup, October 18, 2021

ETF approval drives Bitcoin towards all-time high at $65K – Crypto Weekly Roundup, October 18, 2021

Contemporary eToro additions Polkadot and Solana lead altcoin rally with double-digit gains

 Bitcoin has soared above $60Okay, getting tantalizingly shut to all-time highs on reports that the first Bitcoin futures alternate-traded fund (ETF) has been popular by the U.S. Securities and Substitute Commission (SEC).

This bombshell blasted Bitcoin 8% higher all the scheme in which throughout the last week, boosted additional by Russian President Vladimir Putin who instructed CNBC on Wednesday that he believes crypto has price. Meanwhile, JPMorgan CEO Jamie Dimon took the different to claim his like be aware that “Bitcoin is worthless”, two weeks after his bank released a display veil that talked about institutions are replacing gold with Bitcoin.

Somewhere else, recent eToro additions Polkadot, Polygon, and Solana pushed ahead of the market with double-digit gains all spherical. Shiba fell down in exhaustion with 11% weekly losses after a mega rally, and Dogecoin made a half of-hearted attempt to accumulate up with 4% gains.

This Week’s Highlights

  • Bitcoin celebrates ETF approval
  • Polkadot pushes towards $50 on parachain milestone
  • eToro provides Solana to investment platform

Bitcoin celebrates ETF approval

In a huge victory for crypto, the Securities and Substitute Commission (SEC) is space to let the first U.S. Bitcoin futures ETF launch on Monday after years of rejected applications.

Sources talked about to be familiar with the topic instructed CNBC that the SEC isn’t doubtless to dam the ETFs proposed by ProShares and Invesco, triggering a rally that seen Bitcoin atomize through $60Okay, for the first time since April of this year.

Even supposing these ETFs like attracted criticism for being backed by futures contracts and no longer the underlying asset, they might still like good implications for Bitcoin — allowing tax-sheltered and retirement accounts to without distress receive exposure, and potentially opening the cryptoasset to a mighty broader viewers.

Polkadot pushes towards $50 on parachain milestone

Whereas all eyes were on Bitcoin, Polkadot quietly surged more than 20% as the blockchain platform announced it used to be ready to roll out the last piece of its roadmap.

On Wednesday, the group announced a date for the launch of parachains. These are self sustaining chains that can declare their very like tokens and be tailor-made to a selected employ case, while still connecting succor to the principle Polkadot chain.

Slots for parachain pattern will be sold through auctions starting up on November 11th, and are expected to diminish the circulating present of Polkadot by requiring participants to lock up the asset one day of the parachain lease.

eToro provides Solana to investment platform

eToro has added Solana (SOL) to its resolution of cryptoassets. The SOL token powers a blockchain platform that claims to be in a plight to make stronger 50,000 transactions per 2d without sacrificing decentralization.

Solana joins the hot additions of Filecoin (FIL) and Polkadot (DOT), bringing the full series of cryptoassets accessible on eToro to 32.

Week ahead

The last time Bitcoin approached all-time highs at $20Okay, it used to be beaten succor fiercely for weeks earlier than it will definitely broke though.

This time nonetheless, the amount of Bitcoin held on exchanges is drawing shut all-time lows — suggesting traders assemble no longer like any procedure of promoting and will be racy funds to wallets for long-term storage.

On the bearish side, Pantera Capital CEO Dan Morehead anticipates that the ETF launch ceaselessly is a classic “sell the news” 2d, and trigger a identical dump to that viewed after the CME’s itemizing of Bitcoin futures in December 2017.

Image by Niek Verlaan from Pixabay

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